Originally posted by @Adam Adams:
I've seen a lot of comments in regards to risky investments, bad management, incompetence and such. I think you need to go back to Gerry's and Al's comments. Once you give money to Scott, the communication stops. No updates on the investment. No distributions. Nothing. Even legal action doesn't get anything out of him once he has your money. The only time he'll get back with you is when he thinks you are going to hurt his business, as in the case of this post. Most of the posts in the past have been taken down because he pays off his investor. Testor v Carson was the first one I saw. Testor put up a website that a few people saw. Scott saw it, paid him off and it was down shortly after. Other posts have been in his basecamp forum. Very short-lived posts because the OP gets paid off. Anyone notice that he's suddenly got a ton of CFDs for sale. He he's raising money from Peter to pay off Paul to get this post down. The guy takes your money and runs away with it to Disney Euro. Same goes for the guy I invested with that is his buddy that used to be an attorney. Every month I'm on the phone with someone out there that calls me wanting to know what I know about these two. Every time I go to a conference, more people are wanting to know more about what I know. Why me? Heck if I know. Maybe because I did a ton of videos for him. Whatever the reason, I do get a lot of calls. And since this post started, I've got 7 people calling and writing to me wanting to know what I know. And it's not just Scott that's a crook from that group.
And while this comment might hurt a lot of people including myself, everyone needs to have some suspicion with all of Scott's associates and former associates. I know I do. These are not incompetent investment managers. These are crooks who con you into showing you the ropes of the business using their positions as mentors and "successful" note players. Then they want you to buy their crappy notes or JV with them on their crappy deals. Success is just around the corner if you just let them show you how, and pay them. @Michele Orgel named a few, but unfortunately, she didn't name them all. I'd name them, but my wife will kick my *** if I do.
Adam,
Thanks for getting the subject of this thread back to where it started. I was concerned when it trailed off into "You can always lose money with your investments ...."
This post is about "I invested money with him, and then I didn't get any updates about what was happening. The year went by and then I requested my money back as per the JV agreement. I got some of it back (or not in some cases). Then he went dark on me."
Again, I think it's pretty captain obvious that we can all lose money on our investments. But one doesn't expect the one who is MANAGING the money to:
a) not return our calls or texts
b) not return our emails
c) fail to provide you with "accounting" on all of the assets with a basecamp account, as the JV agreement said
d) not make quarterly payments from the assets that reperform
e) not appear to be "working out" the assets at all
f) fail to return the principle and 12% interest after the year is up and the assets haven't sold
g) JV with ANOTHER party on the same asset(s) he JV'd with you on (which happened to me).
This is not just "losing money" while investing. The is gross mishandling of funds on the part of "guru" taking your money.
Now, I don't expect anybody to be squeaky clean on every point, but when he doesn't return calls and emails on top of it all, what's an investor to think.
